In this bonus episode, I delved deep into Andrew's insights on the current funding winter and its impact on the startup/vc ecosystem.

Jerry: Lastly, I'd like to discuss the scaling regrets you've experienced, considering your experience on both sides – as an investor and as someone who has started their own venture. What is your number one regret, and what lessons can you share?

Andrew: I believe a significant mistake prevalent in the startup and VC ecosystem in China is the relentless pursuit of expansion without recognizing the importance of timing. Many are accustomed to the 'go, go, go' mentality, persistently expanding even in unfavorable market conditions. They continue burning money when the market is down and the investment landscape is unfavorable, accumulating debts until eventual bankruptcy. The Chinese ecosystem, in my opinion, has yet to undergo substantial market corrections, and the absence of a role model sometimes leads to a forgetfulness that, in a downturn, the wisest course of action is often to wait patiently and do nothing rather than persisting with the hope that growth will miraculously bring new opportunities.

Successful entrepreneurs and investors with a long-term orientation understand the importance of adapting, whether it's for expansion or, at times, for cost-cutting, or even doing nothing. Additionally, the rise of AI is making it easier than ever to initiate ventures. Previously, one might need to hire a marketing person, a contact center, and various other roles, but now, the landscape allows for a more streamlined start.

So, my advice to the ecosystem is to focus on the timing, stop pursuing the low-hanging fruits and focus on the bigger picture and long-term strategies.

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